True Value hardware store files bankruptcy, to be sold to Do it Best. How it affects Ohio

Another retail chain with locations in Ohio has declared bankruptcy, joining others like Big Lots and Bed, Bath & Beyond .

This week, hardware store chain True Value announced it filed for Chapter 11 bankruptcy, and is expected to be acquired by rival Do it Best.

How does that affect Ohio? Here's what to know.

True Value files for bankruptcy

In a press release on Monday , the 75-year-old company said plans to sell the business to hardware rival Do it Best Corp. To do that in the "most efficient manner," True Value began Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.

During bankruptcy proceedings, the company will continue its day-to-day operations serving 4,500 independently owned retailers. Because those stores are independently owned, they will remain open and are not part of bankruptcy proceedings, True Value said in its release.

In its bankruptcy filings, True Value stated its sales are slumping like others in the home improvement sector, USA TODAY reports .

"We determined that the sale of our business was the path forward to maximize value and best serve our retail partners and other stakeholders into the future," True Value CEO Chris Kempa said in a statement. "We believe that entering the process with an agreed offer from Do it Best, who has a similar decades-long history in the home improvement space and also operates with a focus on supporting members and helping them grow, is the most beneficial next step for True Value."

Do it Best has lead 'stalking horse' bid for True Value

Do It Best has offered to pay $153 million in cash to purchase the business, Reuters reported . The sale is expected to be complete by the end of the year, according to True Value's statement.

The company is the "stalking horse" for True Value, per their agreement, meaning that Do it Best is currently the lead bidder in the sale, but could be outbid.

In its own press release , Do it Best said that if the sale goes through, it would create a network of more than 8,000 Do it Best locations in the United States and around the world.

True Value, Do it Best headquarters and locations in Ohio

True Value, headquartered in Chicago, has 51 locations around Ohio, according to its website , including three in the Akron-Canton area, five in Cincinnati and three in Greater Columbus. To find one near you, use True Value's store locator .

Do it Best, based out of Fort Wayne, Indiana, has 159 locations across the Buckeye State. To find the closest one to you, use its store locator .

True Value joins Big Lots, Red Lobster, Rite Aid in bankruptcy filings

True Value is the latest restaurant or retail chain with a presence in Ohio to file for bankruptcy. It joins Big Lots , Red Lobster , Rite Aid , and Bed Bath & Beyond.

Hooters , Walgreens , J.C. Penney and Sears and Kmart , and even Disney Stores , are among those that have shuttered stores across the nation since 2020, USA TODAY reports.

This article originally appeared on Cincinnati Enquirer: True Value hardware store files bankruptcy, to be sold to Do it Best. How it affects Ohio